Ciena Corporation (CIEN) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Ciena Corporation (NYSE:CIEN) posted its quarterly earnings results on Thursday. The communications equipment provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02, Bloomberg Earnings reports. Ciena Corporation had a net margin of 4.13% and a return on equity of 25.56%. The firm had revenue of $728.70 million for the quarter, compared to analyst estimates of $726.81 million. During the same quarter last year, the firm posted $0.42 earnings per share. Ciena Corporation’s revenue for the quarter was up 8.7% compared to the same quarter last year.
Ciena Corporation (CIEN) opened at 24.27 on Thursday. The firm has a 50-day moving average of $25.08 and a 200-day moving average of $24.46. Ciena Corporation has a 12-month low of $18.94 and a 12-month high of $27.98. The firm has a market cap of $3.44 billion, a P/E ratio of 32.06 and a beta of 1.61. Ciena Corporation also was the target of unusually large options trading on Wednesday. Stock traders acquired 16,836 put options on the stock. This is an increase of 851% compared to the average daily volume of 1,771 put options.
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Several research firms recently commented on CIEN. Stifel Nicolaus upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating and raised their price target for the company from $24.00 to $28.00 in a report on Monday, May 22nd. Instinet restated a “buy” rating and issued a $30.00 price target (up previously from $27.00) on shares of Ciena Corporation in a report on Saturday, June 3rd. ValuEngine upgraded shares of Ciena Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. UBS AG restated a “buy” rating and issued a $31.00 price target (up previously from $29.00) on shares of Ciena Corporation in a report on Monday, June 5th. Finally, B. Riley restated a “buy” rating and issued a $34.25 price target on shares of Ciena Corporation in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $30.44.
In other Ciena Corporation news, CEO Gary B. Smith sold 12,558 shares of Ciena Corporation stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $25.31, for a total value of $317,842.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Stephen B. Alexander sold 2,500 shares of Ciena Corporation stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $25.02, for a total value of $62,550.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,108 shares of company stock valued at $1,945,437. 1.45% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Algert Global LLC bought a new position in shares of Ciena Corporation during the first quarter valued at $787,000. State Board of Administration of Florida Retirement System boosted its position in shares of Ciena Corporation by 23.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 101,484 shares of the communications equipment provider’s stock valued at $2,396,000 after buying an additional 18,986 shares in the last quarter. State Treasurer State of Michigan boosted its position in shares of Ciena Corporation by 2.3% in the first quarter. State Treasurer State of Michigan now owns 57,400 shares of the communications equipment provider’s stock valued at $1,355,000 after buying an additional 1,300 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of Ciena Corporation by 185.6% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 23,629 shares of the communications equipment provider’s stock valued at $558,000 after buying an additional 15,356 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of Ciena Corporation by 5.2% in the first quarter. Great West Life Assurance Co. Can now owns 82,150 shares of the communications equipment provider’s stock valued at $1,938,000 after buying an additional 4,070 shares in the last quarter.
Ciena Corporation Company Profile
Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks.
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